In a significant development for the Polygon ecosystem, engineers at Polygon, a leading Ethereum scaling team, have unveiled a proposal to transform their Proof-of-Stake (PoS) sidechain into a rollup-like zero-knowledge-powered validium. This proposal aims to enhance security, performance, and scalability, positioning Polygon PoS as a vital component of the upcoming Polygon 2.0 ecosystem.
Polygon’s PoS Chain, which boasts a DeFi Total Value Locked (TVL) of $930 million and handles approximately 2.5 million transactions daily, has received fewer upgrades compared to the advanced zero-knowledge-based scaling solutions pursued by Polygon following their substantial $1 billion investment in ZK technologies in 2021.
According to Polygon’s announcement, the proposed upgrade would enable existing decentralized applications (dApps) to continue functioning seamlessly without requiring any changes during the transition of the PoS chain into a zero-knowledge Layer 2 solution. If a consensus is readily achieved on the proposal, the upgrade could potentially go live before the end of Q1 2024.
This development follows Polygon’s recent revelation of plans to restructure into a unified multichain ecosystem of ZK-secured networks known as Polygon 2.0. The team has already launched itszkEVM in March, deployed the mainnet beta for its hybrid rollup Nightfall in May, and introduced Supernets, their Layer 3 architecture, in April 2022. Additionally, Polygon is actively working on the development of Miden, an L2 solution based on ZK-STARK technology.
Rollups, which combine multiple transactions on Layer 2 before finalizing them on the Ethereum mainnet in batches, significantly reduce transaction fees for users. On the other hand, a validium, described by Polygon as a “lower-cost, higher-throughput sibling of a rollup,” publishes transaction data off-chain to facilitate greater transaction throughput and reduced fees.
To provide data availability services for the zkEVM validium, Polygon’s ecosystem of over 100 validators, staking approximately $2 billion worth of its native token, will step in to replace Ethereum. These validators will also offer transaction sequencing services after the upgrade, ensuring a seamless user experience. Notably, the network’s native token, MATIC, will retain its functionality and existing economics.
Polygon’s proposal to transition its PoS Chain into a zero-knowledge-powered validium marks a major milestone for the Polygon ecosystem. This upgrade aims to improve security, scalability, and overall performance, solidifying Polygon’s position as a leading Ethereum scaling solution and reinforcing its commitment to advanced zero-knowledge-based technologies.
